Praxis Precision Medicines (NASDAQ:PRAX) Given "Buy" Rating at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Praxis Precision Medicines (NASDAQ:PRAX - Free Report) in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has a $85.00 target price on the stock.

Several other equities analysts have also weighed in on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Praxis Precision Medicines in a research report on Tuesday, February 11th. They set a "buy" rating and a $111.00 price objective on the stock. Robert W. Baird cut their target price on Praxis Precision Medicines from $117.00 to $73.00 and set an "outperform" rating on the stock in a report on Monday, March 3rd. Wedbush downgraded Praxis Precision Medicines from a "hold" rating to a "strong sell" rating in a research note on Friday, February 28th. HC Wainwright cut their price objective on Praxis Precision Medicines from $120.00 to $105.00 and set a "buy" rating on the stock in a research note on Monday, March 3rd. Finally, Truist Financial reduced their target price on Praxis Precision Medicines from $175.00 to $85.00 and set a "buy" rating for the company in a report on Monday, March 3rd. One research analyst has rated the stock with a sell rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Praxis Precision Medicines currently has a consensus rating of "Moderate Buy" and a consensus price target of $123.33.

Praxis Precision Medicines Stock Up 4.5 %

Shares of PRAX traded up $1.27 during trading hours on Tuesday, reaching $29.74. The company's stock had a trading volume of 415,820 shares, compared to its average volume of 372,180. The company has a 50 day moving average of $50.81 and a two-hundred day moving average of $65.05. The firm has a market cap of $599.65 million, a price-to-earnings ratio of -2.89 and a beta of 2.66. Praxis Precision Medicines has a 1-year low of $26.70 and a 1-year high of $91.83.

Praxis Precision Medicines (NASDAQ:PRAX - Get Free Report) last released its quarterly earnings data on Friday, February 28th. The company reported ($2.94) earnings per share for the quarter, missing the consensus estimate of ($2.76) by ($0.18). The company had revenue of $7.48 million during the quarter, compared to analyst estimates of $0.36 million. Praxis Precision Medicines had a negative net margin of 9,409.22% and a negative return on equity of 54.86%. As a group, analysts forecast that Praxis Precision Medicines will post -10.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Praxis Precision Medicines

Hedge funds have recently modified their holdings of the business. GF Fund Management CO. LTD. acquired a new position in Praxis Precision Medicines during the 4th quarter valued at $30,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Praxis Precision Medicines during the 4th quarter worth about $48,000. GAMMA Investing LLC raised its position in shares of Praxis Precision Medicines by 6,075.4% during the first quarter. GAMMA Investing LLC now owns 4,014 shares of the company's stock valued at $152,000 after buying an additional 3,949 shares during the last quarter. Graham Capital Management L.P. acquired a new position in shares of Praxis Precision Medicines during the fourth quarter valued at about $209,000. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Praxis Precision Medicines in the fourth quarter valued at about $215,000. 67.84% of the stock is owned by institutional investors.

About Praxis Precision Medicines

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. It is developing ulixacaltamide, a small molecule inhibitor of T-type calcium channels that is in Phase III clinical trial for the treatment of essential tremor; PRAX-562 for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEE); and PRAX-628 to treat focal epilepsy.